SHYM vs. THYM

Last updated Jun 4, 2026

SHYM (iShares Short Duration High Yield Muni Active ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both High Yield Muni funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. SHYM charges 0.35%/yr vs 0.32%/yr for THYM.

Performance

SHYM vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short Duration High Yield Muni Active ETF (SHYM) and T. Rowe Price High Income Municipal ETF (THYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYM achieves a 1.93% return, which is significantly lower than THYM's 3.33% return.

SHYM

• 1D: 0.00%
• 1M: 0.89%
• YTD: 1.93%
• 6M: 2.33%
• 1Y: 5.18%
• 3Y*: 6.00%
• 5Y*: 0.99%
• 10Y*: —

THYM

• 1D: 0.14%
• 1M: 1.14%
• YTD: 3.33%
• 6M: 3.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SHYM vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
SHYM iShares Short Duration High Yield Muni Active ETF	1.93%	0.45%
THYM T. Rowe Price High Income Municipal ETF	3.33%	0.27%

Correlation

The correlation between SHYM and THYM is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.53

Return for Risk

SHYM vs. THYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHYM

SHYM Risk / Return Rank: 51
SHYM Sharpe Ratio Rank: 50
SHYM Sortino Ratio Rank: 52
SHYM Omega Ratio Rank: 57
SHYM Calmar Ratio Rank: 47
SHYM Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SHYM vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) and T. Rowe Price High Income Municipal ETF (THYM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SHYM	THYM	Difference
Sharpe ratio Return per unit of total volatility	1.74	—	—
Sortino ratio Return per unit of downside risk	2.54	—	—
Omega ratio Gain probability vs. loss probability	1.35	—	—
Calmar ratio Return relative to maximum drawdown	2.33	—	—
Martin ratio Return relative to average drawdown	7.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SHYM	THYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	1.62	-1.35

Drawdowns

SHYM vs. THYM - Drawdown Comparison

The maximum SHYM drawdown since its inception was -22.55%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for SHYM and THYM.

Drawdown Indicators

	SHYM	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-22.55%	-2.93%	-19.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.76%	-0.49%	-6.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	—	—

Volatility

Volatility by Period

	SHYM	THYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	4.35%	-1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	4.35%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	4.35%	+2.60%

SHYM vs. THYM - Expense Ratio Comparison

SHYM has a 0.35% expense ratio, which is higher than THYM's 0.32% expense ratio.

Dividends

SHYM vs. THYM - Dividend Comparison

SHYM's dividend yield for the trailing twelve months is around 4.30%, more than THYM's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021
SHYM iShares Short Duration High Yield Muni Active ETF	4.30%	4.55%	4.35%	4.35%	4.01%	2.97%
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHYM and THYM in my portfolio?

SHYM and THYM have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SHYM or THYM?

On fees, THYM is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SHYM or THYM?

THYM is cheaper with a 0.32% expense ratio, compared with 0.35% for SHYM.

Which ETF pays a higher dividend yield, SHYM or THYM?

SHYM has the higher dividend yield at 4.30%, compared with 2.18% for THYM.

What is the main difference between SHYM and THYM?

They also come from different issuers: iShares and T. Rowe Price. Their fees differ too: 0.35% for SHYM and 0.32% for THYM.